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| RIM in San Antonio, the most visited shopping center in Texas |
DALLAS, TX – JLL Capital Markets announced it has closed the sale of and arranged acquisition financing for the RIM, the most visited mixed-use, open-air shopping center in Texas.
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| Chris Gerard |
Big
V Property Group along with partner Equity Street Capital acquired the asset in
a joint venture arranged by JLL that includes a preferred equity contribution
from Kimco Realty Corp.
Additionally,
working on behalf of the new owner, JLL placed the three-year, floating-rate,
non-recourse loan with an affiliate of Heitman.
The
RIM marks the largest open-air shopping center trade in square footage in the
U.S. to sell year-to-date.
The
RIM is the most trafficked shopping center in all of Texas and welcomes 16 million
annual visitors.
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| Barry Brown |
The RIM houses more than 1.6 million square
feet of retail that is 93% leased to some of the best national brands in
retail.
They include T.J.Maxx, Nordstrom Rack, Ross Dress for Less, Best Buy, Ulta Beauty, HomeGoods, Hobby Lobby, Total Wine & More and Old Navy.
The
property also boasts a curated blend of fast-casual and upscale food
destinations. They include The Rustic, North Italia, Southerleigh, Bakery
Lorraine and Luxor.
The
property is shadow anchored by Target, Lowe’s, Lifetime Fitness, Bass Pro Shop,
Top Golf and Santikos.
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| Ryan Shore |
Situated
in northeast San Antonio at 17503 La Cantera in the epicenter of corporate
headquarters, entertainment destinations, educational institutions and military
bases, the RIM pulls from a 10-mile trade area with more than 706,000
residents.
The
property is 15 miles from downtown San Antonio and surrounded by premier San
Antonio neighborhoods, including Dominion, Sonoma Ranch and Greystone Country
Estates.
The
JLL Retail Capital Markets team that represented the seller was led by Senior
Managing Directors Chris Gerard, Barry Brown, Ryan Shore, Danny Finkle
and Jeremy Womack and Analysts Matthew Wheeler and Robby Westerfield.
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| Danny Finkle |
The JLL Debt and Equity Placement team representing the borrower included Senior Managing Directors Jim Curtin and Christopher Drew, Managing Director Timothy Joyce and Analyst Rex Cruz.
According to JLL, “The RIM is truly a one-of-a-kind retail center with the highest traffic in Texas, some of the highest-volume retailers in Texas and a mixed-use ecosystem with office, residential, hotels, tourism, a university and military base surrounding it.
For
BIG V, this is their first acquisition in Texas. The RIM is a flagship property
and will serve BIG V and Kimco well as they look to expand in the Lone Star
State.”
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| Jeremy Womack |
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers.
The
firm's in-depth local market and global investor knowledge delivers the
best-in-class solutions for clients — whether investment sales advisory, debt
placement, equity placement or a recapitalization.
The
firm has more than 3,700 Capital Markets specialists worldwide with offices in
nearly 50 countries.
For
more news, videos and research resources on JLL, please visit our newsroom.
About
Hines
Hines
is a privately owned global real estate investment firm founded in 1957 with a
presence in 240 cities in 27 countries.
 |
| Matthew Wheeler |
Hines oversees a portfolio of assets under management valued at approximately $160.9 billion¹, including $81.7 billion in assets under management for which Hines serves as investment manager, and $79.2 billion representing more than 172.9 million square feet of assets for which Hines provides third-party property-level services.
Historically,
Hines has developed, redeveloped or acquired approximately 1,450 properties,
totaling over 485 million square feet.
The
firm has more than 180 developments currently underway around the world.
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| Robert (Robby) Westerfield |
With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to ESG, Hines is one of the largest and most-respected real estate organizations in the world.
¹Includes
both the global Hines organization as well as RIA AUM as of December 31, 2020.
About
Big V Property Group
Big V Property Group (BVPG) is a vertically integrated shopping center investment management and property management company, with comprehensive services including leasing, on-site property management, construction management, finance/accounting and marketing.
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| Jim Curtin |
The management team prides themselves on their attention to detail and expertise in this space and on providing a best-in-class experience for their key constituencies: tenants, shopping center owners and shopping center customers.
BVPG owns and operate 48 open-air shopping centers totaling
over 9 million square feet, primarily the southeastern U.S. For more
information, visit bigv.com.
About Kimco Realty Corp.
Kimco Realty Corp. (NYSE:KIM) is a real estate investment trust (REIT) headquartered in Jericho, N.Y. The firm is considered one of North America’s largest publicly traded owners and operators of open-air, grocery-anchored shopping centers and mixed-use assets.
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| Christopher Drew |
The company’s portfolio is primarily concentrated in the first-ring suburbs of the top major metropolitan markets, including those in high-barrier-to-entry coastal markets and rapidly expanding Sun Belt cities, with a tenant mix focused on essential, necessity-based goods and services that drive multiple shopping trips per week.
Kimco is also committed to leadership in environmental, social and governance (ESG) issues and is a recognized industry leader in these areas.
Publicly traded on the NYSE since 1991, and included in the S&P 500 Index, the company has specialized in shopping center ownership, management, acquisitions, and value enhancing redevelopment activities for more than 60 years.
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| Timothy Joyce |
As of March 31, 2021, the company owned interests in 398 U.S. shopping centers and mixed-use assets comprising 70 million square feet of gross leasable space.
For further information, please visit kimcorealty.com.
Equity Street Capital
Equity Street Capital is a San Diego-based commercial investment firm focused on achieving attractive risk-adjusted returns while maximizing long-term capital appreciation.
Equity Street Capital was founded by Than Merrill and Paul Esajian, real estate investors and entrepreneurs known for their real estate investment education company and residential investment firm.
For further
information please visit equitystreetcapital.com.
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| Than Merrill |
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management.
JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities.
JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021.
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| Paul Esajian |
JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated.
For further information, please visit jll.com.
CONTACT:
Kimberly
Steele
JLL Senior Associate
Public Relations
Phone: +1
713 852 3420
Email: Kimberly.Steele@am.jll.com
